For Developers
Markets: Perp contracts on collection floor prices (not individual NFTs). Quote in USD (USDC on Base). Leverage: Start 1–5× (raise later if oracle/liquidity proves robust). Settlement: Cash-settled in USDC; no NFT custody. Funding: Standard perp funding vs. a “mark price” oracle; frequent funding (e.g., hourly) to anchor to fair value.
Fundamental settlement layer
We have built on perennials which is designed for custom, isolated perp markets and already operates with Pyth oracles on Base. OpenSea API points to the NFT floor oracle, get peer-to-pool LPing, dynamic funding, and intent/onchain order support out of the box.
Oracles
NFT floors are noisy and manipulable. We have used a robust composite floor index per collection:
Sources:
Chainlink NFT Floor Pricing Feeds
On-chain AMM TWAPs
Aggregated marketplace data from Blur and OpenSea
The aggregation is done as a median-of-medians over eligible sources after filtering outliers; clamp per-interval moves (e.g., max 3%/5m); pause if total on-chain volume < threshold over last N minutes.
Margin and liquidations
Collateral: USDC on Base; isolated markets with cross-margin later. Initial/Maintenance: e.g., 20% / 12% (tunable per collection volatility/liquidity). Liquidations: index = oracle mark; partial liquidation first, full if < maintenance after penalty. Funding: skew-based and volatility-adjusted. Collections with thinner depth get higher funding sensitivity and lower max leverage. Guards: per-account and global open interest caps, max position size per market, per-block notional caps, and trading halts on oracle degradation.
Liquidity & LPs
P2P LPs deposit USDC into an ERC-4626 vault per market or a diversified vault across collections. LPs earn funding, maker fees, and (optionally) incentives.
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